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(Alliance News) - Mining firm Arc Minerals Ltd said Friday it bought a further 5% stake in exploration company Zaco Ltd to take its holding to 48% in an all-share deal.
Arc acquired the additional 5% interest in Zaco following the discovery of a large West Lunga copper target in Zambia. The stake was purchased from Non-Executive Director Remy Welschinger for 1.4 million shares of Arc at 2.8 pence each, implying a consideration of GBP39,592.
Shares in Arc were 6.2% higher at 3.96 pence in London on Friday.
"Following the exciting news of the West Lunga discovery we are keen to consolidate our interest in Zaco and we are pleased to have increased our interest in Zaco on the same commercial terms as the initial transaction," Arc Executive Chair Nick von Schirnding said.
Following admission of the consideration shares - expected on Thursday - Arc will have 707.4 million shares outstanding.